除了上述17场座谈会外，蒋毅介绍，两年多来，国家发展改革委的所有党组成员和各业务司局通过各种 方式与民营企业座谈交流500余次，省、市、县各级发展改革部门召开民营企业座谈会2万余次，民营经 济发展综合服务平台上线半年多来收到问题诉求超过2400项。 8月1日，国家发展改革委政策研究室主任、新闻发言人蒋毅在国家发展改革委新闻发布会上回答中国证 券报.中证金牛座记者提问时表示，2023年6月，国家发展改革委建立与民营企业常态化沟通交流机制。 两年多来，国家发展改革委主任郑栅洁共主持召开了17场座谈会、与近80家民营企业面对面交流。 "民营企业座谈会听取的意见建议，正在转化为实实在在的政策举措。"蒋毅举例介绍，对企业普遍关心 的"内卷式"竞争问题，国家发展改革委高度重视座谈会上反映的问题、提出的建议，正在统筹采取修订 法律、出台政策、完善标准、强化行业自律等举措，加快推动整治"内卷式"竞争问题。 蒋毅表示，常态化听取企业对经济形势和行业发展的意见建议，掌握第一手真实情况，是宏观层面制定 规划、政策的重要基础。下一步，国家发展改革委将坚持和完善政企常态化沟通交流机制，持续深入听 取民营企业意见建议，坚持点面结合解决实 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has become the first state-owned bank to announce measures to address "involution" competition, signaling a shift in the banking industry towards stabilizing economic policies and enhancing risk management [1][2]. Group 1: ICBC's Initiatives - ICBC held a meeting on July 30, 2023, to outline its operational priorities for the second half of the year, emphasizing the need to implement economic policies and address "involution" competition [1]. - The meeting was attended by representatives from various regulatory bodies, indicating a strong governmental backing for the initiative [1]. Group 2: Industry Implications - The move by ICBC is expected to have a significant demonstration effect on other state-owned banks, potentially leading to a broader industry shift towards reducing "involution" competition [2]. - The initiative may help lower the intensity of price wars, creating a more equitable competitive environment for smaller banks [2]. - It is anticipated that the competition logic in the banking sector will shift from "scale and cost" to "service and innovation," encouraging smaller banks to enhance their risk management and operational efficiency [2]. Group 3: Short-term Challenges - Some smaller banks that heavily rely on pricing strategies may face transitional difficulties due to the "anti-involution" measures [3].

近期，多地金融监管局、银行业协会发声推进银行业"反内卷"，要求银行遵守自律机制约定、落实相关 利率政策、构建科学合理的激励机制等，引导银行业回归更加理性和健康的竞争状态，更好服务经济社 会发展。 去年7月，中央政治局会议提出要强化行业自律，防止"内卷式"恶性竞争。之后，"反内卷"在多个领域 稳步快速推进。"内卷式"竞争与新发展理念，与高质量发展格格不入，必须坚决破除。从银行业来看， 受内外部环境影响，"内卷式"竞争在多个领域有所体现，负面影响不容忽视，需要银行业自身主动谋 变，强化金融监管和行业自律协同，与市场监督形成合力有效"反内卷"，推动银行业高质量发展和高质 量服务经济社会发展。 银行业"内卷式"竞争在多个领域有不同表现。首先是高息揽储和低息放贷，这也是"内卷式"竞争集中的 领域。近年来，金融管理部门就规范存款竞争出台多项举措，但仍有个别银行以高息揽储来提高存款市 场竞争力。同时，个别银行简单通过降低贷款利率来吸引融资客户。其次是高返佣。为稳定市场占有率 或者吸引客户，银行在房贷、车贷等业务发展中通过返高额佣金等方式开展中介合作，扰乱正常的市场 秩序。再次是为了"冲时点"。在月末、季末等时点表现得更明显 ...

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 报告正文 一、 李强总理：高质量建设雅鲁藏布江下游水电工程 7月18日至19日，李强总理在西藏调研。他强调，雅下水电工程体量大、周期长、影响远，堪称世纪工 程。要积极应用先进技术、装备、工艺、材料等，为高质量建设提供有力支撑，并引领相关领域科技创新和 产业创新。7月20日至22日，刘国中副总理前往广西调研，并强调要不误农时抓紧抓好农业生产工作，毫不 懈怠巩固拓展脱贫攻坚成果。7月21日至23日，国务委员谌贻琴到内蒙古自治区调研，她强调，要持续铸牢 中华民族共同体意识，推动退役军人工作高质量发展。 二、《住房租赁条例》公布 7月21日，李强总理签署国务院令，公布《住房租赁条例》。《条例》共7章50条，涉及规范出租承租活 动、规范住房租赁企业行为、规范经纪机构行为、强化监督管理、严格责任追究等内容。《条例》对非居住 空间的使用、住房租赁经纪机构企业资质、住房租赁相关信息安全、资金监管、住房租赁网络平台和经纪机 构等做出了详细的规定。包含住房租赁经纪机构不得发布虚假或者误导性房源信息、住房租赁企业要按照规 定设立住房租赁资金监管账户并 ...

Core Viewpoint - The financial industry is experiencing "involution" competition, leading to challenges in profitability and sustainable growth [1][4][7]. Regulatory Actions - Financial regulatory bodies in regions such as Guangdong, Ningbo, and Anhui are promoting "anti-involution" policies and self-regulatory agreements to address unhealthy competition practices [2][8]. Industry Performance - As of the end of Q1 this year, the net interest margin for commercial banks was 1.43%, down 9 basis points from 1.52% at the end of 2024, indicating increasing difficulty in profitability for banks [3]. Competitive Landscape - The competition among banks has shifted from expanding new business to fighting for existing market share, resulting in intensified "involution" competition [4]. - The asset side is experiencing continuous declines, while the liability side is slow to decrease, leading to homogenization of financial products and services [5]. Pricing Wars - A notable example of this competition is the "price war" in consumer loans, where banks have reduced interest rates to the "2" range, employing various marketing strategies to attract customers. However, this low-efficiency competition has drawn regulatory scrutiny, leading to an increase in annualized rates above 3% since April [5]. Hidden Competition - Negative competition on the liability side is less visible, as seen in the past regulatory crackdown on "manual interest supplementation" practices [6]. Long-term Implications - Experts suggest that while "involution" may be a short-term survival strategy for banks in a limited market, it ultimately compresses profit margins and increases operational risks, hindering the healthy development of the banking sector [7]. - The core issue of "involution" is low-level homogenized competition, which does not align with risk control and sustainable returns, leading to a buildup of long-term risks [7]. Recommendations for Sustainable Development - To achieve sustainable growth, especially for small and medium-sized banks, it is essential to dynamically adjust scale and pricing, enhance risk and capital management, and develop differentiated strategies to navigate economic cycles [9].

综合整治 "内卷式" 竞争 中央经济工作会议和今年的《政府工作报 告》都提出了"综合整治'内卷式'竞争"的要 求。近期召开的中央财经委员会第六次会议强 调,"依法依规治理企业低价无序竞争,引导企 业提升产品品质,推动落后产能有序退出"。 中国社会科学院习近平新时代中国特色社会 主义思想研究中心特约研究员曾敏认为,整治 "内卷式"竞争已成为当前我国宏观经济治理的 重要议题。 "内巷式" 竞争因何发生 "内卷"常常发生于市场机制部分失灵的情 境中,表现为生产要素投入不断加大虽能推 动总产出上升,但由于边际收益递减,资源 配置效率持续下降 段时期以来,"内卷式"竞争在我国的部 分行业中时有发生 企业间的"内卷式"竞争在一定程度上与地 方政府的政策相关,包括"唯GDP"的政绩 观以及不完善的考核评价体系等 "内卷式" 竞争有何问题 激烈的价格战使得企业的利润空间被 严重压缩,削弱了其在技术研发、品 牌建设等高附加值环节的投入能力 低价竞争破坏了行业生态,使得坚持 品质与创新的企业因成本较高处于劣 势 重复建设与无效扩张造成要素资源严 重浪费,不利于新兴产业培育与技术 讲步 有些地方政府给予部分企业超常规优 惠,不仅扰 ...

Core Viewpoint - The China Metal Materials Circulation Association has issued an initiative to resist "involution-style competition" and promote a scientific and orderly development of the steel circulation industry, emphasizing a shift from price wars to value-based competition [1] Group 1: Rational Competition - The industry is urged to adhere strictly to the Anti-Unfair Competition Law of the People's Republic of China and to resist unfair practices such as dumping below cost, damaging reputation, and stealing trade secrets [1] - The association advocates for healthy competition based on product quality, service value, and technological innovation [1] Group 2: Maintaining Reasonable Profits - The industry is encouraged to recognize that sustainable operations are fundamental to development, moving away from short-sighted behaviors like "exchanging volume for price" and "drinking poison to quench thirst" [1] - There is a call to collectively maintain reasonable price levels that align with market rules and cost structures, ensuring companies can secure reasonable profits and necessary investments in research, environmental protection, and safety [1]

Core Viewpoint - The China Metal Materials Circulation Association has issued a proposal to resist "involution-style" vicious competition and promote a scientific and orderly development of the steel circulation industry [1] Group 1: Industry Competition - The proposal emphasizes the need to abandon "involution-style" competition and strictly adhere to the Anti-Unfair Competition Law of the People's Republic of China [1] - It calls for a firm resistance against unfair practices such as selling below cost, defaming reputation, and stealing trade secrets [1] - The association advocates for healthy competition based on product quality, service value, and technological innovation [1] Group 2: Industry Collaboration - The proposal encourages strengthening industry information exchange and risk warning to avoid blind expansion or irrational order grabbing [1] - It promotes exploring mutually beneficial cooperation models in logistics, warehousing, and processing to reduce overall social costs [1] - The association firmly opposes behaviors such as mutual defamation, malicious price cutting, and non-compliant order grabbing, aiming to avoid falling into the "zero-sum game" trap [1]

Report Industry Investment Rating - No information provided Core Viewpoints - The supply of soda ash is expected to remain abundant, demand will continue to decline, and prices will remain under pressure. It's recommended to consider buying put options for the soda ash main contract [2] - The probability of a correction in the glass market has increased. Although the fundamentals of glass have improved, the terminal demand has not improved. It's advisable to wait and see for now [2] Summary by Relevant Catalogs Futures Market - The closing price of the soda ash main contract was 1316 yuan/ton, down 124 yuan; the closing price of the glass main contract was 1223 yuan/ton, down 139 yuan [2] - The net position of the top 20 soda ash traders was -290077, an increase of 8272; the net position of the top 20 glass traders was -176305, an increase of 8320 [2] - The soda ash 9 - 1 contract spread was -76 yuan, an increase of 1 yuan; the glass 9 - 1 contract spread was -64 yuan, an increase of 31 yuan [2] - The soda ash basis was -50 yuan/ton, an increase of 38 yuan; the glass basis was -150 yuan/ton, a decrease of 7 yuan [2] Spot Market - The price of North China heavy soda ash was 1390 yuan/ton, an increase of 70 yuan; the price of Central China heavy soda ash was 1325 yuan/ton, an increase of 50 yuan [2] - The price of East China light soda ash was 1250 yuan/ton, an increase of 75 yuan; the price of Central China light soda ash was 1250 yuan/ton, an increase of 55 yuan [2] - The price of Shahe glass sheets was 1212 yuan/ton, an increase of 48 yuan; the price of Central China glass sheets was 1230 yuan/ton, an increase of 40 yuan [2] Industry Situation - The operating rate of soda ash plants was 83.02%, a decrease of 1.08 percentage points; the operating rate of float glass enterprises was 75%, a decrease of 0.34 percentage points [2] - The in - production capacity of glass was 15.89 million tons/year, an increase of 0.11 million tons; the number of in - production glass production lines was 223, unchanged [2] - The inventory of soda ash enterprises was 178.36 million tons, a decrease of 8.1 million tons; the inventory of glass enterprises was 6189.6 million heavy boxes, a decrease of 304.3 million heavy boxes [2] Downstream Situation - The cumulative value of new construction area in the real estate industry was 30364.32 million square meters, an increase of 7180.71 million square meters; the cumulative value of completed area was 22566.61 million square meters, an increase of 4181.47 million square meters [2] Industry News - The State Council deployed measures to gradually implement free preschool education [2] - The CSRC aimed to consolidate the market's stable and positive trend and improve the market - stabilizing mechanism [2] - The CSRC approved the registration of linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures [2] - The CSRC solicited public opinions on the revised "Corporate Governance Guidelines for Listed Companies" [2] - From January to June, the total profit of industrial enterprises above the designated size was 34365.0 billion yuan, a year - on - year decrease of 1.8% [2] - In the first half of 2025, the stamp duty revenue was 1953 billion yuan, a year - on - year increase of 19.7%; the securities trading stamp duty was 785 billion yuan, a year - on - year increase of 54.1% [2]

尽管"内卷式"竞争表现各异，但其主要涉及企业和地方政府两类行为主体，治理的问题也具有共性。 中新社北京7月27日电 (记者 刘亮)一段时间以来，中国多部门、多行业接连释放整治"内卷式"竞争的信 号。透过多方表态，可洞见中国整治"内卷式"竞争的动向。 其一，整治"内卷式"竞争的号角越吹越广。 近来，中央多部门和多地政府在整治"内卷式"竞争上动作频频，行业协会也接连发声，倡议抵制"内卷 式"竞争。 从范围上看，行业领域有所扩大。此前市场关注较高的有光伏、锂电池、新能源汽车，目前关注热度已 蔓延至电商平台、外卖行业、产品质量等领域。例如，近期市场监管部门就"补贴大战"问题约谈多家外 卖平台；针对产品质量问题，进一步曝光了以"低质"产品破坏市场公平竞争秩序的企业违法行为。 其二，整治"内卷式"竞争的议题日益聚焦。 行业方面，整治"内卷式"竞争的方向主要聚焦在行业内的无序竞争、严重的同质化竞争、低价格竞争问 题。地方政府方面，招商引资存在地方保护倾向，实施不公平非普惠的优惠政策，导致无序竞争；盲目 上马项目，导致重复建设和生产过剩等问题。 其三，整治"内卷式"竞争的政策机制日臻完善。 专家指出，"内卷式"竞争带来的问题 ...